Inverted duty correction: Synthetic textile prices will surge, says Gujarat body

With a unified goods and service tax (GST) rate on textile products set to kick in from January 1, 2022, Gujarat-based textile industry fears that synthetic textile prices would surge by nearly three times. The GST Council, at its Lucknow meeting on September 17, has decided to impose 12% GST on all textile products except cotton to correct inverted duty structure in the sector. The new rates will…